In keeping with a Jan. 3 announcement, blockchain fintech agency GammaRey has signed a merger settlement with monetary e-commerce and shopper knowledge analytics firm GoLogiq. Each corporations are based mostly within the U.S., though GoLogiq focuses on prospects in Southeast Asia.
As stipulated by the phrases, GoLogiq will subject $320 million in widespread inventory to amass 100% of GammaRey’s excellent shares. The transaction is anticipated to be accomplished inside the subsequent few weeks, topic to circumstances. The 2 events stated the merger goals to “deal with the high-growth market of wealth administration for Era Z and Millennials.” Brent Suen, chairman of GoLogiq, commented:
“By way of this extremely synergistic merger, we may have achieved our aim for GoLogiq to change into a complete fintech platform for underserved companies and customers that’s producing sturdy income development and money move.”
Suen additionally disclosed that GoLogiq is within the late levels of finishing a brand new acquisition goal with greater than $9 billion in managed belongings launched by GammaRey. The 2 events have set a steering of greater than $50 million in annualized income for 2023 upon deal completion.
Based mostly in New York, GammaRey focuses on shopper digital wallets and developer software program. The personal firm stated that it’s a “worthwhile enterprise with sturdy money move” and practically $800 million in shopper belongings. Following the merger, GoLogiq inventory will proceed to commerce over-the-counter beneath the ticker GOLQ, however the corporations stated that will change:
“GoLogiq additionally plans to use for an uplisting to a listed change, corresponding to Nasdaq or the NYSE. Such an software can be topic to approval based mostly on a number of components, together with satisfaction of minimal itemizing necessities.”
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